UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number

 

811-21229

Eaton Vance Insured New Jersey
Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

September 30

Date of Reporting Period:

 

December 31, 2006

 

 



Item 1. Schedule of Investments



Eaton Vance Insured New Jersey Municipal Bond Fund                                                     as of December 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 175.7%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Hospital — 9.7%

 

 

 

$

100

 

Camden County, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25

 

$

103,127

 

180

 

Camden County, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

 

183,897

 

150

 

Camden County, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27

 

157,423

 

1,300

 

Camden County, Improvement Authority, (Cooper Health System), 5.75%, 2/15/34

 

1,403,337

 

610

 

New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33

 

639,286

 

575

 

New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.75%, 7/1/23

 

619,344

 

250

 

New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.125%, 7/1/35

 

261,780

 

600

 

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46

 

618,966

 

 

 

 

 

$

3,987,160

 

Insured-Escrowed / Prerefunded — 16.0%

 

 

 

$

1,500

 

Bordentown, Regional School District Board of Education, (FGIC), 5.00%, 1/15/12 (1)

 

$

1,605,360

 

4,645

 

Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32 (2)(3)

 

4,971,087

 

 

 

 

 

$

6,576,447

 

Insured-General Obligations — 33.8%

 

 

 

$

2,260

 

Bayonne, (FSA), 0.00%, 7/1/22

 

$

1,180,940

 

2,415

 

Bayonne, (FSA), 0.00%, 7/1/23

 

1,206,317

 

1,000

 

Bordentown, Regional Board of Education, (MBIA), 4.25%, 1/15/33

 

971,580

 

250

 

Egg Harbor Township School District, (FSA), 3.50%, 4/1/28

 

222,467

 

2,000

 

Hudson County Improvement Authority, (MBIA), 0.00%, 12/15/38

 

480,800

 

5,500

 

Irvington Township, (FSA), 0.00%, 7/15/26

 

2,385,515

 

2,960

 

Jackson Township, School District, (MBIA), 2.50%, 6/15/27

 

2,261,766

 

1,250

 

Jersey City, (FSA), 5.25%, 9/1/23

 

1,347,262

 

530

 

Madison Borough, Board of Education, (MBIA), 4.75%, 7/15/35

 

547,469

 

350

 

Monroe Township Board of Education, (MBIA), 4.50%, 4/1/33

 

351,953

 

1,000

 

Old Bridge Township Board of Education, (MBIA), 4.375%, 7/15/32

 

995,410

 

500

 

Sparta Township School District, (FSA), 4.30%, 2/15/33

 

493,560

 

1,500

 

Sparta Township School District, (FSA), 4.30%, 2/15/34

 

1,480,050

 

 

 

 

 

$

13,925,089

 

1



 

 

 

Insured-Hospital — 11.9%

 

 

 

$

1,125

 

New Jersey Health Care Facilities Financing Authority, (Central State Medical Center), (AGC), 4.50%, 7/1/37

 

$

1,107,551

 

2,750

 

New Jersey Health Care Facilities Financing Authority, (Englewood Hospital), (MBIA), 5.00%, 8/1/31

 

2,859,175

 

900

 

New Jersey Health Care Facilities Financing Authority, (Jersey City Medical Center), (AMBAC), 5.00%, 8/1/41

 

927,459

 

 

 

 

 

$

4,894,185

 

Insured-Lease Revenue / Certificates of Participation — 19.5%

 

 

 

$

445

 

Gloucester County, Improvements Authority, (MBIA), 4.75%, 9/1/30

 

$

460,486

 

2,670

 

Lafayette Yard, Community Development Corporation, (Hotel and Conference Center), (FGIC), 5.00%, 4/1/35

 

2,751,755

 

1,250

 

Middlesex County, (MBIA), 5.00%, 8/1/31

 

1,290,513

 

310

 

New Jersey Educational Facilities Authority, (MBIA), 4.50%, 9/1/22

 

316,696

 

795

 

Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (2)(3)

 

848,122

 

2,205

 

Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (2)(3)

 

2,382,378

 

 

 

 

 

$

8,049,950

 

Insured-Pooled Loans — 7.2%

 

 

 

$

2,850

 

Puerto Rico Municipal Finance Agency, (FSA), 5.00%, 8/1/27 (2)(3)

 

$

2,988,453

 

 

 

 

 

$

2,988,453

 

Insured-Private Education — 2.6%

 

 

 

$

1,000

 

New Jersey Educational Facilities Authority, (Kean University), (FGIC), 5.00%, 7/1/28

 

$

1,055,610

 

 

 

 

 

$

1,055,610

 

Insured-Public Education — 25.1%

 

 

 

$

1,200

 

New Jersey Economic Development Authority, (School Facilities), (FGIC), 5.00%, 7/1/33

 

$

1,259,976

 

1,150

 

New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.25%, 7/1/27

 

1,123,056

 

1,000

 

New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.25%, 7/1/31

 

966,720

 

1,500

 

New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.125%, 7/1/30

 

1,587,450

 

700

 

New Jersey Educational Facilities Authority, (Rowan University), (MBIA), 4.50%, 7/1/31

 

701,344

 

2



 

 

 

$

3,990

 

University of New Jersey Medicine and Dentistry, (AMBAC), 5.00%, 4/15/32

 

$

4,205,300

 

475

 

University of New Jersey Medicine and Dentistry, Certificates of Participation, (MBIA), 5.00%, 6/15/36

 

500,204

 

 

 

 

 

$

10,344,050

 

Insured-Sewer Revenue — 5.5%

 

 

 

$

1,720

 

Passaic Valley, Sewer Commissioners, (FGIC), 2.50%, 12/1/32

 

$

1,235,717

 

2,500

 

Rahway Valley Sewerage Authority, (MBIA), 0.00%, 9/1/27

 

1,022,900

 

 

 

 

 

$

2,258,617

 

Insured-Transportation — 23.5%

 

 

 

$

800

 

Newark, Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/23

 

$

844,208

 

1,500

 

Newark, Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/37

 

1,573,560

 

3,875

 

Port Authority of New York and New Jersey, (FSA), 5.00%, 11/1/27 (2)(3)

 

4,119,816

 

1,000

 

Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33

 

1,052,392

 

2,000

 

South Jersey, Transportation Authority, (FGIC), 5.00%, 11/1/33

 

2,114,720

 

 

 

 

 

$

9,704,696

 

Insured-Water and Sewer — 5.2%

 

 

 

$

4,500

 

Middlesex County, Improvements Authority Utilities System, (Perth Amboy), (AMBAC), 0.00%, 9/1/24

 

$

2,132,775

 

 

 

 

 

$

2,132,775

 

Private Education — 3.2%

 

 

 

$

1,250

 

New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.25%, 7/1/32

 

$

1,308,463

 

 

 

 

 

$

1,308,463

 

Senior Living / Life Care — 1.5%

 

 

 

$

600

 

New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25

 

$

610,698

 

 

 

 

 

$

610,698

 

Special Tax Revenue — 3.2%

 

 

 

$

500

 

New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31

 

$

530,340

 

750

 

New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34

 

807,270

 

 

 

 

 

$

1,337,610

 

3



 

 

 

Transportation — 7.8%

 

 

 

$

1,250

 

Port Authority of New York and New Jersey, 5.00%, 9/1/38

 

$

1,315,200

 

1,825

 

South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33

 

1,904,789

 

 

 

 

 

$

3,219,989

 

Total Tax-Exempt Investments — 175.7%
(identified cost $68,499,347)

 

$

72,393,792

 

Other Assets, Less Liabilities — (21.1)%

 

$

(8,690,516

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.6)%

 

$

(22,498,027

)

Net Assets Applicable to Common Shares — 100.0%

 

$

41,205,249

 

 

AGC

—

Assured Guaranty Corp.

AMBAC

—

AMBAC Financial Group, Inc.

CIFG

—

CDC IXIS Financial Guaranty North America, Inc.

FGIC

—

Financial Guaranty Insurance Company

FSA

—

Financial Security Assurance, Inc.

MBIA

—

Municipal Bond Insurance Association

 

The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at December 31, 2006, 85.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.5% to 22.9% of total investments.

(1)

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(2)

Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(3)

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

 

A summary of financial instruments at December 31, 2006 is as follows:

Futures Contracts

Expiration

 

 

 

 

 

Aggregate

 

 

 

Net Unrealized

 

Date(s)

 

Contracts

 

Position

 

Cost

 

Value

 

Appreciation

 

3/07

 

68 U.S. Treasury Bond

 

 

Short

 

 

$

(7,760,443

)

$

(7,577,750

)

 

$

182,693

 

 

 

Interest Rate Swaps

At December 31, 2006, the Fund had entered into an interest rate swap agreement with Citibank N.A. whereby the Fund makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $1,600,000. In exchange the Fund receives bi-annual payments at a rate equal to the three month USD-BMA on the same notional amount. The effective date of the interest rate swap is August 16, 2007. The

4



 

 

value of the contract, which terminates on August 16, 2027, is recorded as a receivable for open interest rate swap contracts of $2,793 at December 31, 2006.

At December 31, 2006, the Fund had entered into an interest rate swap agreement with Merrill Lynch Capital Services Inc., whereby the Fund makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount of $1,600,000. In exchange the Fund receives bi-annual payments at a rate equal to the three month USD-BMA on the same notional amount. The effective date of the interest rate swap is August 7, 2007. The value of the contract, which terminates on August 7, 2037, is recorded as a receivable for open interest rate swap contracts of $5,677 at December 31, 2006.

The cost and unrealized appreciation (depreciation) in value of the investments owned at December 31, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

58,970,690

 

Gross unrealized appreciation

 

$

3,883,088

 

Gross unrealized depreciation

 

(39,986

)

Net unrealized appreciation

 

$

3,843,102

 

 

5



Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.



Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Insured New Jersey Municipal Bond Fund

By:

 

/s/ Robert B. MacIntosh

 

 

Robert B. MacIntosh

 

 

President and Principal Executive Officer

Date:

 

February 26, 2007

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

 

/s/ Robert B. MacIntosh

 

 

Robert B. MacIntosh

 

 

President and Principal Executive Officer

Date:

 

February 26, 2007

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

February 26, 2007